Cox v. McGregor

Defendants Malcolm I. McGregor, Burwell McGregor and Alice Hagle entered into a lease of certain property in Ypsilanti with plaintiff Joseph H. Cox, son of plaintiff John J. Cox. This lease was for a term of 16 months from September 11, 1939, at a rental of $110 per month. The lessee was granted an exclusive option to purchase the property “at any-time before January 11, 1941, for the sum of $16,000.” Cox was required to pay $5,000 “as a down payment,” and the balance at 1% per month, or more, the interest at 6%, “to be deducted from the monthly payments.” The lease also contained the…